clpoulin
Oct 12, 2010, 12:22 PM
Cash 50000
Administrative Expenses 100000
Selling Expenses 80000
Net Sales 540000
Cost of Goods Sold 260000
Cash dividends decalred (2010) 20000
Cash dividend paid (2010) 15000
Discontinued operations (loss before income tax) 40000
Deperciation Expense, not recorded in 2009 30000
Retained Earnings, December 31,2009 90000
Effective tax rate 30%
a.computer net income for 2010
b. prepare partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,000 shares of common stock were outstanding during 2010
Administrative Expenses 100000
Selling Expenses 80000
Net Sales 540000
Cost of Goods Sold 260000
Cash dividends decalred (2010) 20000
Cash dividend paid (2010) 15000
Discontinued operations (loss before income tax) 40000
Deperciation Expense, not recorded in 2009 30000
Retained Earnings, December 31,2009 90000
Effective tax rate 30%
a.computer net income for 2010
b. prepare partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 20,000 shares of common stock were outstanding during 2010